XML 40 R25.htm IDEA: XBRL DOCUMENT v3.22.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Event  
Subsequent Events

19. Subsequent Events

On February 28, 2022, CPI CG Inc., a wholly-owned subsidiary of the Company, provided notice of its intention to redeem $20,000 aggregate principal amount of its 8.625% Senior Secured Notes at a redemption price equal to 103% of the principal amount thereof plus accrued and unpaid interest thereon to the redemption date. The Company plans to use the available borrowing capacity under the ABL Revolver to fund this redemption, which is expected to be completed in the first quarter of 2022. The notice of redemption was sent by the trustee to the registered holders of the notes in accordance with the requirements of the indenture, and this report does not constitute a notice of redemption.

Additionally, on March 3, 2022, the Company and CPI CG Inc. as borrower, entered into an amendment to the ABL Revolver to, among other things, increase the available borrowing capacity to $75,000, from $50,000. In connection with this amendment, the Company incurred certain customary costs. Borrowings under the amended ABL Revolver will bear interest at a rate per annum that ranges from the SOFR Rate plus 1.25% to 1.75%, based on the average daily borrowing capacity under the ABL Revolver over the most recently completed quarter.